I'm 54 and am only able to find contractual work.
I have $250,000 in my Superannuation.
As I don't own a home and can't seem to get full time employment. What's the best option for my super?

Hi Trevor,

A few options - hopefully you'll fit into one.

If you were born in the 1963 Financial Year the earliest date you can withdraw your preserved super is age 58 and then you'll need to check the rules at the time to see what if any part can be taken tax free (currently it's the first $200K - though there are tricks to better this).

An easy option if you're lucky And were a member of a super fund before 1999, then you may have some unpreserved benefits. Unpreserved benefits are officially known as ‘restricted non-preserved benefits’ (certain type of super benefits that you access when terminate employment) and ‘unrestricted non-preserved benefits’ (can be accessed at any time). If you fall into this category or don't know my best advice is to give your superfund a call and ask if you have any unrestricted / non preserved benefits and what fees / costs may apply to taking some of these funds out to fund you through to age 58.

Lastly there is a way to gain access to $10K for compassionate grounds though you would need to be in dire financial stress - again your fund will be able to advise their criteria for compassionate access. And believe it or not, out of the $10K the govt will take tax.

Hope this helps to explain a couple of options

Damien Linn
CEO - Squirrel